Comment by c22
6 hours ago
There's a cash-heavy business I work with that's already having a hard time sourcing the pennies they need. I guess they're all in a jar under your desk.
6 hours ago
There's a cash-heavy business I work with that's already having a hard time sourcing the pennies they need. I guess they're all in a jar under your desk.
It seems to me that if there was truly a shortage of pennies, banks could offer to pay 2 cents for every penny someone turned in (still far cheaper than minting a new one) and enough people would pull out their penny jars and cash them in.
Now we've unlocked a new lucrative business model where we can cut the customer out entirely! Simply buy pennies from the bank on the dollar and sell them back for 100% profit...
That...actually seems economically sound, but it's also a strong argument for the idea that pennies are effectively worthless.
I have a hard time believing any business relies on access to Pennies when all cash transactions can be rounded to a nickel in some way amenable to both parties. I imagine most customers just don’t give a damn.
I'm pretty sure they're considering doing this, but I don't know what all the pros and cons or complexities are.